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Home My WebLink About2024-133-11/19/2024-APPROVING THE 2025 OPERATING PLAN AND PROPOSED BUDGET OF THE FORT COLLINS MIDTOWN BUSINESS IMPROVEMEPassed and adopted on November 19, 2024. S r. Deputy City Clerk Effective Date: November 19, 2024 Approving Attorney: Ted Hewitt -2- BID NAME EXHIBIT A TO RESOLUTION 2024-133 Midtown Business Improvement District (BID) 2025 Operating Plan Midtown Business Improvement District (BID) LEGAL AUTHORITY The Midtown BID is organized pursuant to the Business Improvement District Act, Section 31-25-1201 et seq., Colorado Revised Statutes. ABOUT THE MIDTOWN BID Midtown is a growing, thriving hub in central Fort Collins. The properties adjacent to College Avenue, from Drake to Boardwalk, as well as the Foothills Mall properties located on Foothills Parkway, make up the Midtown BID. In total, the corridor spans slightly over one and a half miles. THE VISION FOR MIDTOWN Midtown stakeholders have been working together for the last ten years through significant planning efforts to envision a refreshed future for the district, one that continues to invigorate the area with destination retail, higher-density development, commercial opportunities, and unique urban living. The formation of the BID brought with it a commitment to establish a distinctive identity, placemaking, events, activities and people-oriented uses to establish a vibrant and dynamic shopping and entertainment area in the heart of Fort Collins. Historically characterized as the strip retail corridor of Fort Collins, the vision for Midtown will incorporate urban redevelopment, urban design, and enhanced pedestrian spaces to begin a long term transition to a place where citizens need to go for services but want to stay once they arrive. Continuous BID and City investment in revitalization will ensure the City's planning efforts for the corridor will be realized and the retail core of the community will be stable. THE BID'S ROLE IN MIDTOWN The Midtown BID provides a sustainable funding source to leverage public sector investments and provide private sector stakeholders in the area with a stronger platform through which to advocate for and directly fund -needed improvements as Midtown comes into a new era. The Midtown BID aims to: •Create a collective voice to accomplish the goals of the neighborhood, provide leadership for the neighborhood, and champion the vision of Midtown.•Purposefully improve and advance Midtown urban design to facilitate economic growth and overall increased vitality in Midtown.•Develop and establish Midtown's character and personality, communicate it succinctly, and bring it to life. Working with the City's previously developed Midtown Plan and Midtown in Motion Plan, various improvements are envisioned over the next 10 years that will transform the Midtown Corridor from classic suburban strip, to vital exciting urban form.•Create synergistic relationships with the City of Fort Collins to create an accessible and desirable place for locals and visitors. Provide awareness, recognition, promotion and education about Midtown.•Be an administrative umbrella that brings the neighborhood together and maximizes funding opportunities for the future of Midtown. BID BOUNDARIES The Midtown BID includes parcels fronting South College Avenue from Drake Road in the north to Boardwalk Drive in the south, as well as those fronting East Foothills Parkway between East Swallow Road and South College Avenue in the City of Fort Collins, County of Larimer, State of Colorado. 1 EXHIBIT A TO RESOLUTION 2024-133 BID SERVICES The specific types of services that the BID will fund were developed and prioritized by the business and property owners of Midtown, and include: •Midtown Promotion and Management: The BID aims to be the go-to resource for Midtown, providing leadership and business support, while championing stakeholders' needs to create an environment that's welcoming to the larger community and visitors. Projects to support the stakeholders will include: Administrative support to help manage Midtown, advocate for Midtown needs, and focus on leveraging resources and improvements for the area. Supplementing the BID budget and identifying strategic funding opportunities to leverage and enhance the base assessments collected from year to year. Building partnerships and developing strategies to increase community participation, leadership and coordination, including (but not limited to) partnerships with the City of Fort Collins, the Midtown Business Association, the Fort Collins Downtown Development Authority and the Downtown Fort Collins Business Association. Providing business support for Midtown businesses, serving as the "concierge" for all things Midtown and helping businesses succeed by providing them with useful tools and resources, including tracking policies, data, and other useful information. •Midtown Branding, Marketing, and Activation:The BID aims to develop and deliver a unique experience that encourages locals and visitors to explore Midtown, and to establish a strong identity that is recognizable and highlights the distinctive Midtown offer. Projects include: Promotion of the Midtown brand. Producing targeted marketing and messaging to the community and visitors. Public and community relations in support of growing the Midtown corridor that help promote why Midtown is a destination in its own right. •Midtown Placemaking and Maintenance: The BID will work to activate the public realm in Midtown and develop a clean, safe and friendly environment, offering enhancements and amenities that create a welcoming destination and support larger-scale infrastructure projects proposed for the area. Projects will include: Completion of full design documents for the S. College corridor, as envisioned in the Midtown in Motion plan. Development of a unifying aesthetic for Midtown's public spaces and right of way through the addition of public realm amenities throughout Midtown, including more benches, bike racks, public art and trash/recycling cans. Investments in unique Midtown wayfinding signage and gateways that create a sense of place and help guests explore the area whether by car, by bicycle, or on foot. BID ASSESSMENT METHOD AND BUDGET The BID will utilize an assessment method that is based upon linear frontage of a property on College Avenue and Foothills Parkway within the BID boundary. The assessment.will be $10 per linear foot, annually. Only commercially-assessed properties will be included. The BID will raise approximately $160,000. Additionally, the BID will have the ability to raise the assessment annually not to exceed the Consumer Price Index for all Urban Consumers (CPI-U) for the Denver-Boulder-Greeley, Colorado metropolitan area. This decision will be at the discretion of the BID board. 2 EXHIBIT A TO RESOLUTION 2024-133 Bringing in revenue and contributions in addition to the BID assessment will increase impact and help the organization to best leverage investments into Midtown. To that end, the BID will work to procure supporting funding from the City of Fort Collins as well as grants, donations, sponsorships, memberships, fee-for-service projects, crowd sourcing and partnerships on top of the BID special assessment. The BID Board, with City approval, determine the annual operating budget each year of BID operations, based upon the priorities set out in this plan. Properties adjacent to, but not within the BID boundaries, may elect to participate in the BID. Upon request, the BID would provide technical assistance to help. To do so, the owners of such properties would be required to file a written petition with the City of Fort Collins, requesting that their property be included in the BID. The petition shall be accompanied by a deposit of money sufficient to pay all costs of the inclusion or exclusion proceedings. Public notice will be given, a public hear ing will be held and an ordinance niay be adopted by Fort Collins City Council. The determination of assessment for properties joining the BID which do not have frontage on either College Avenue or Foothills Parkway shall be assessed the same frontage rate as the rest of the BID for their particular frontage on the street they are located. 2025 Proposed BID Budget and Services The following table lays out the proposed 2025 budget for the Midtown BID, as well as some considerations for each proposed expenditure: Expenditure •. ·, ',, ' . '. ;--;--' <--.' ',-:' ·.,_,,._,·· __ -, 1; Annual;Budget Amount Staff/Administration Funds for a part-time staff position to support the board and administer $36,000 the programs and projects of the BID Branding, Marketing and Activation In 2024, the BID will continue to support promotions and marketing of the $5,000 BID through brand development, marketing and PR. Placemaking and Maintenance A critical aspect of the BID work is to enhance the visible impact on the district. The BID will continue to leverage City and other funding to implement the 100% design of S. College Ave., as identified in the $101,500 Midtown in Motion Plan. Other Fees These may include: •1% collection fee for BID Funds.Legal costs $17,500 •Accounting•Insurance TOTAL 2025 BUDGET $160,000 BID BONDING The BID is not authorized to bond or take on debt. 3 EXHIBIT A TO RESOLUTION 2024-133 BID GOVERNANCE The BID statute allows for a board of 5 to 11 members who are BID electors. The Midtown BID Board consists of nine appointed members from the Midtown BID area. The terms of office shall be staggered to encourage continuity in BID governance. The Midtown Bl D's current board current Board of Directors is comprised of the following individuals: Board Member •· .. •.. • < Rayno Seaser Mike Dellenbach David Fritzler, Treasurer Luke McFetridge, Chai r Lauren DeRosa Carrie Baumgart John Hoxmeir Patrick Bunyard OPEN SEAT -TO BE FILLED BID TERM Affiliation . •.... >.•• .. .. •.· . The Egg & I/First Watch Restaurants Dellenbach Chevrolet Collegiate Peaks Bank/Representative of Palmer Properties Noble Venture/Representative of Midtown Business Moot House Wild Birds Unlimited Nature Shop Markley Motors Gilded Goat Brewing Foothills Mall The Midtown BID will have an initial ten-yearterm, commencing December 5, 2017. This will allow for property and business owners to evaluate the Bl D's effectiveness at the end of the term. If the BID is deemed successful, the BID Board will request that the City Council renew the BID by ordinance after the initial period. If the BID is not considered to be successful, it will sunset at the end of the initial term. CITY SERVICES BID services will be designed to supplement existing City services and will be in addition to City services that are currently provided in Midtown. BID services will not replace any existing City services. The Midtown BID will provide a number of benefits to the City of Fort Collins, including: •A collective leader and champion for the vision of Midtown, and clear partner with which the City can work Help the City of Fort Collins advance its key strategic objectives•Opportunity to further demonstrate the commitment to Midtown outlined in the City's Midtown Plan and Midtown in Motion Plan Create a second activity center in Fort Collins and a "place" beyond downtown in Fort Collins for visitors and locals•Beautification of the City through a refreshed and invigorated area ANNUAL REVIEW The BID Act requires the BID to file an annual operating plan and budget with the City on or before September 30 of each year. The City will review and approve the operating plan and budget as provided by law. 4 MIDTOWN BUSINESS IMPROVEMENT DISTRICT EXHIBIT B TO RESOLUTION 2024-133 SUMMARY 2025 BUDGET AS PROPOSED WITH 2023 ACTUAL AND 2024 ESTIMATED For the Years Ended and Ending December 31 2023 Budget 2024 Actual Jan-Aug Estimated 2024 Proposed 2025 2024 BEGINNING FUND BALANCES $ 147,039.85 $ 250,128.85 $ 2Sl,245.56 $ 2Sl,24S.56 $ 356,545.56 REVENUES 01 Property Taxes $ 159,747.00 $ 160,000.00 $ 159,747.00 $ 159,747.00 $ 159,747.00 03 Local Grants $ $ 25,000.00 $ $ $ Total Revenue $ 159,747.00 $ 185,000.00 $ 159,747.00 $ 159,747.00 $ 159,747.00 TRANSFERS IN $ $ $ $ $ TOTAL AVAILABLE RESOURCES $ 306,786.85 $ 435,128.85 $ 410,992.56 $ 410,992.56 $ 516,292.56 EXPENDITURES Management and Administration $ 36,000.00 $ 36,000.00 $ 24,000.00 $ 36,000.00 $ 36,000.00 Accounting and Tax Services $ 13,500.00 $ 11,500.00 $ 9,000.00 $ 11,500.00 $ 11,500.00 Legal $ 1,508.69 $ 2,500.00 $ 270.00 $ 1,500.00 $ 1,500.00 Larimer County Collection Fees $ 186.90 $ 399.00 $ 161.60 $ 187.00 $ 200.00 Insurance $ 2,951.00 $ 2,700.00 $ 2,760.00 $ 2,760.00 $ 2,800.00 Emergency Funds $ $ $ $ $ Office Rent, Parking, Supplies and Misc. $ 665.28 $ 500.00 $ 538.78 $ 7SO.OO $ 7SO.OO Repayment of BID Start-up Expenses $ $ $ $ $ PROGRAM EXPENSES Promotion, Mgmt and Business Support $ 225.00 $ 2,500.00 $ 780.00 $ 1,000.00 $ 1,000.00 Branding, Marketing, Activation $ 2,6S3.14 $ 2,500.00 $ 95.88 $ 750.00 $ 7S0.00 Placemaking and Maintenance $ $ 250,000.00 $ $ 250,000.00 Total Expenditures $ 57,690.01 $ 308,500.00 $ 37,606.26 $ 54,447.00 $ 304,500.00 Net Income $ 102,056.99 $ (123,500.00) $ 122,140.74 $ 105,300.00 $ (144,753.00) Emergency Funds $ $ $ $ $ ENDING FUND BALANCE $ 251,245.56 $ 126,628.85 $ 373,386.30 $ 356,545.56 $ 211,792.56